PARTNERS' CAPITAL AND MEZZANINE CAPITAL (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of partner units activity

A rollforward of the number of common units follows.

	Common Units
Units, December 31, 2019(1)		45,318,866
Net units issued under the SMLP LTIP		1,028,654
Impact of GP Buy-In Transaction		(1,990,303	)
Preferred Unit Exchange		12,267,670
Units, September 30, 2020(1)		56,624,887

⁽¹⁾ As a result of the GP Buy-In Transaction, the Partnership recast its historical financial statements, which resulted in a recasted SMLP common limited partner unit count of 45.3 million units at December 31, 2019. Prior to the GP Buy-In Transaction, the SMLP common limited partner unit count was 94.5 million units, and after adjusting for (i) the effect of 1.0 million SMLP units issued following the closing of the GP Buy-In transaction through September 30, 2020 for the SMLP LTIP, (ii) the 12.3 million SMLP common units issued in the Exchange Offer, and (iii) the GP Buy-In Transaction which included the Partnership acquiring SMP Holdings which owns the 34.6 million SMLP units pledged under the SMPH Term Loan, the 10.7 million SMLP units not pledged under the SMPH Term Loan, and the 5.9 million SMLP units owned by ECP, the SMLP common limited partner unit count would have been an otherwise identical 56.6 million SMLP common units at September 30, 2020.

Change in subsidiary

The following table shows the change in our Subsidiary Series A Preferred Unit balance from December 31, 2019 to September 30, 2020:

	September 30, 2020
	(in thousands)
Balance at December 31, 2019	$	27,450
New issuances		50,000
PIK distributions		3,784
Issuance costs		(1,290	)
Redemption accretion		5,856
Balance at September 30, 2020 (1)	$	85,800

⁽¹⁾  Amount is net of $3.9 million of issuance costs at September 30, 2020.

Details of cash distributions

Prior to the GP Buy-In Transaction, SMLP paid the following per-unit distributions during the three and nine month periods ended September 30 (all payments represent per-unit distributions based on the SMLP common units outstanding prior to the GP Buy-In Transaction):

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Per-unit distributions to unitholders	$	—	$	0.2875	$	0.125	$	1.1500